Institutional Embrace Drives BitGo's $4.19B Revenue Surge

Source: [1] BitGo reveals fourfold revenue surge in US IPO filing (https://www.cryptopolitan.com/bitgo-reveals-fourfold-revenue-surge/) [2] Crypto custody startup BitGo reveals near fourfold revenue jump (https://finance.yahoo.com/news/crypto-custody-startup-bitgo-files-205855392.html) [3] BitGo IPO Filing Reveals $4.19B Revenue and NYSE Listing (https://www.coingabbar.com/en/crypto-currency-news/cryptocurrency-custody-company-bitgo-files-for-ipo) [4] BitGo Files for IPO, Discloses Sharp Revenue Increase for 1st Half (https://www.morningstar.com/news/dow-jones/202509197611/bitgo-files-for-ipo-discloses-sharp-revenue-increase-for-1st-half) [5] Crypto custodian BitGo reports nearly 4x revenue growth in H1 (https://www.bitget.com/asia/news/detail/12560604976749)

Cryptocurrency custody firm BitGo Inc. reported a fourfold surge in revenue to $4.19 billion for the first half of 2025, according to its U.S. Securities and Exchange Commission (SEC) filing. The Palo Alto, Calif.-based company, which specializes in securing institutional digital assets, saw revenue grow from $1.12 billion in the same period in 2024. However, net income declined to $12.6 million from $30.9 million, reflecting increased operational costs to meet rising institutional demand for custody services.

BitGo’s IPO filing, submitted confidentially in July, outlines plans to list on the New York Stock Exchange under the ticker symbol “BTGO.” Goldman Sachs and Citigroup are serving as lead underwriters, signaling Wall Street’s growing confidence in crypto infrastructure firms. The company, which was valued at $1.75 billion in an August 2023 funding round, aims to capitalize on a broader market shift toward crypto adoption. Institutional investors have increasingly sought custody solutions as regulatory clarity and ETF approvals in the U.S. have normalized digital assets as a legitimate asset class.

The filing coincides with a surge in crypto-related IPO activity in 2025. Companies like stablecoin issuer Circle, trading platform Bullish, and blockchain lender Figure have all debuted on public markets this year, drawing strong investor interest. Analysts attribute the trend to regulatory progress in Washington, including the approval of crypto ETFs, which have attracted billions in inflows and solidified crypto’s role in mainstream portfolios. Josef Schuster, CEO of IPO research firm IPOX, noted that investors now view digital assets as a distinct asset class rather than speculative instruments, a shift that has intensified Wall Street’s engagement with crypto firms.

BitGo’s revenue growth underscores the expanding demand for institutional-grade crypto custody services. As of June 30, 2025, the firm’s top-line performance outpaced market expectations, despite choppy conditions in the broader crypto sector. The decline in profit margins, however, highlights the challenges of scaling operations while maintaining profitability. The company’s public filing also includes updates on its board, with Brian Brooks, Sunita Parasuraman, and Justin Evans joining as new members.

The BitGo IPO represents a critical test for the maturation of crypto infrastructure as an investment category. If successful, the offering could accelerate the normalization of crypto-related equities and encourage further institutional participation. The company’s ability to secure a listing during a period of heightened regulatory scrutiny and market volatility will be closely watched by investors and regulators alike. The outcome may influence future listings and shape perceptions of crypto custody as a long-term value proposition for institutional capital.

: Cryptopolitan, Yahoo Finance

: Yahoo Finance, Coingabbar

: Coingabbar, Morningstar.com

: Morningstar.com, BitGet

Source: [1] title1 (url1) [2] title2 (url2) [3] title3 (url3) [4] title4 (url4) [5] title5 (url5)